Wall Financial Corporation Announces Q1 Fiscal 2022 Results

VANCOUVER, BC, June 14, 2021 /CNW/ - Wall Financial Corporation (the "Company") released its operating results and financial statements for the quarter ended April 30, 2021.  The Company recorded net earnings and comprehensive income attributable to shareholders of the Company for the quarter ended April 30, 2021 of $6,331,468 or $0.19 per share compared with net loss of $3,876,686 or $0.11 per share for the prior year quarter.  This increase in net earnings compared to prior year was primarily due units closings in the three month period ending April 30, 2021 as well as the recognition of mark-to-market losses in respect of interest rate swap contracts in the three month period ending April 30, 2020. 

The Company's hotel operations continue to be negatively impacted by the global health pandemic resulting in a very low occupancy rates and lower daily room rates.  While the duration and magnitude of the impact on operations is not known, we do not anticipate a significant recovery until early 2022 at the earliest. 

Revenue and income afrom the rental apartment operations remain stable and revenues from the development operations increased significantly from 2020 due to the sale of 81 condominium units in this quarter.  

The above unaudited financial information, including comparative information, is expressed in Canadian dollars and has been prepared in accordance with International Financial Reporting Standards, using the same accounting policies and methods of application as described in notes 2 and 3 of the Company's audited consolidated financial statements for the years ended January 31, 2021 and 2020.   

Wall Financial Corporation is a B.C. based real estate company active in the development and management of residential rental apartments, development and construction of residential housing for resale, and the development and management of hotel properties.  

SOURCE Wall Financial Corporation